The Top 10 Cyber Security Trends To Look Out For In 2024

Our digital journey can sometimes feel like it's at warp speed, and staying ahead of the curve is just always beyond our reach. Whilst cyber security carries on adapting and evolving to threats, the predicted cost to the global economy is estimated to reach a staggering $10.5 trillion USD by 2025.

The costs to organisations go on to include reputational damage, data destruction, theft of intellectual property and personal data, and embezzlement, not to mention the post-attack disruptors, including forensic investigations, restorations and hacked data and systems. All of this further amplifies the need for cyber security to be embraced as a strategic priority for the private and public sectors, individuals, and organisations. 

So as we look ahead to the new year, these are the top 10 areas of cyber security we think you are likely to see.

1. Phishing

AI has many benefits to businesses, but unfortunately, we have seen the rise of deepfake assaults. We expect phishing attacks to ascend to new heights in 2024, fueled by generative AI tools like ChatGPT. Organisations will need to increase awareness and educate with ongoing training simulations and adopt zero-trust principles to safeguard themselves.

2. Zero trust intent 

The Zero Trust Model is based on the premise that no one and nothing should be trusted. This model will continue gain momentum in 2024. Organisations can minimise cyber attacks and boost their defences by adopting zero-trust architectures. This involves ongoing authentications and restrictive access, ensuring only authorised individuals and devices can access data.

3. Machine Learning (ML) and Artificial Intelligence (AI)

ML and AI will continue to play a crucial role in 2024. We can anticipate an even more dominant role in threat detection and response systems. Systems that are capable of identifying and mitigating cyber threats in real time while improving security protocols.

4. Cloud security

We're relying more heavily on cloud services; subsequently, cloud security will be a priority in the coming year. We expect organisations to use cloud-native security solutions and focus on securing their data and applications in cloud environments. This trend will include DevSecOps practices for improved security in the development and deployment process.

5. Compliance and privacy regulations

Regulations for data privacy, such as GDPR and CCPA, will continue to grow. New regulations emerge such as the UK's Product Security and Telecommunications Act. As businesses adapt to existing and new regulations, they will likely invest in compliance measures to avoid hefty fines and protect user data.

6. IoT vulnerabilities

With interconnected devices becoming the norm, the risk of cyber attacks rises. We can expect to see an increased focus on securing IoT devices and networks. What could this look like? An improvement in security standards, better device management, and a heightened view on end-to-end encryption to protect against vulnerabilities and interconnected systems.

7. Cyber resilience

In 2024, we may see cyber resilience distinguishing itself from cyber security as it takes centre stage. Whilst absolute protection is elusive, organisations will focus on developing their ability to recover, mitigate data loss and ensure operational continuity post-breach.

8. Cyber Security workforce

The shortage of skilled cyber security professionals will continue in 2024. In order to address this gap, we can expect a significant improvement in workforce development, including upskilling existing personnel and attracting new talent into the fold. Expect new specialist cyber security roles to be created where gaps persist, and new concepts emerge.

9. Supply chain

The global impact of cyber attacks on organisations has highlighted the supply chain's vulnerability. Third-party vendors and partners may find themselves under scrutiny while companies aim to secure their supply chain. Improved visibility, risk assessment and due diligence will all be essential in safeguarding their systems.

10. Ransomware resilience

Ransomware attacks will continue into 2024. While cyber security experts work on more robust tools to counteract the impacts, organisations may focus on adopting ransomware resilience strategies. Routine backups, employee training programmes, and tried-and-tested incident response protocols will each play a crucial role in proactively dealing with the effects of ransomware attacks.

Moving into 2024

The trajectory of cyber security in 2024 outlines a landscape of evolving challenges and strategic responses. As we charge ahead in our digital journey, the necessity to stay ahead of sophisticated cyber threats becomes more critical than ever. The staggering estimated cost to the global economy underscores the urgency for both public and private sectors, as well as individuals, to prioritise cyber security as a fundamental aspect of their operations.

The focus will not just be on prevention, but also on building resilience. Whether it's through enhancing cloud security, complying with evolving privacy regulations, securing the burgeoning IoT landscape, or fostering a skilled cyber security workforce, each area reflects a comprehensive approach to addressing the multifaceted nature of cyber threats.

Moving into 2024, the call to action is clear: embrace cyber security as a strategic priority, stay vigilant and informed, and continuously adapt to the ever-changing cyber threat landscape. By doing so, we can not only protect our digital assets and operations but also contribute to the broader effort of securing the global digital ecosystem.

tmc3 is your digital partner

As a purpose-driven consultancy, we are the partner of choice for large and small organisations, spanning the private and public sectors. Leveraging our wealth of expertise and a range of innovative products, we assist them in safeguarding, complying, and thriving in the digital era.

As the cyber landscape continues to shift, our collective vigilance and adaptability will be the linchpin in safeguarding against the impending challenges of 2024. Get in touch to stay informed and stay secure today.